‘Smart’ Ethereum whales are betting massively on a price increase towards $4,000

Major investors in Ethereum have opened long positions worth almost $426 million. The positions indicate that several major players expect the recent price dip to be over and that the price may continue to rise in the coming weeks.

Whales open $426 million in long bets

According to on-chain data from Lookonchain, three known whales have jointly longed 136,433 ETH. That is a bet with leverage, aimed at a rising price. One of these, known as BitcoinOG (1011short), holds a position worth $169 million. Whale Anti-CZ is betting even bigger at around $194 million, while pension-usdt.eth is long 20,000 ETH, worth around $62.5 million.

In addition, Arkham Intelligence signals that a fourth party, wallet 0xBADBB, has gone long in ether for a total of $ 189.5 million via two addresses. The positions are interpreted by analysts as a vote of confidence in a recovery rally above $3,000.

Price pattern signals possible further recovery

Ethereum is currently trading around $3,140, ​​more than 20 percent higher than the bottom of $2,621 on November 21. An ascending triangle is visible on the daily chart, a pattern that technically provides room for a breakthrough.

In the event of a convincing breakout above resistance at $3,250, a price target of approximately $4,020 is in view. That would represent an increase of more than 28 percent compared to the current price.

However, the area between $3,350 and $3,550 remains a first important hurdle, where both the 50- and 100-day averages are located. Only above that does the 200-day average of around $3,800 come into view as the next test level.

Institutional interest confirms sentiment

Interest also appears to be growing at company level. The listed BitMine added another $199 million worth of Ethereum last weekend and now owns 3.73 million ETH, worth approximately $13.3 billion, the largest company position worldwide. The company thus reinforces the impression that major players see the recent dip as an entry opportunity.

Volatility may increase heading into December 10, when the US central bank is expected to cut interest rates by 25 basis points. However, the focus is on Chairman Jerome Powell’s press conference.

If he outlines a positive scenario with more interest rate cuts, this could give the price a significant boost. For the time being, at least, the largest players seem to be confident, which is usually a good sign for the Ethereum price.